Thursday, August 10, 2023
Prices in the Minneapolis-St. Paul-Bloomington area, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), advanced 0.4 percent for the two months ending in July 2023, the U.S. Bureau of Labor Statistics reported today. (See table A.) Regional Commissioner Jason Palmer noted that the bi-monthly gain was attributed to an increase in the all items less food and energy index. Within this category, prices were higher over the two-month period for shelter, motor vehicle maintenance and repair, and new and used motor vehicles. However, prices were lower for public transportation and apparel. (Data in this report are not seasonally adjusted. Accordingly, bi-monthly changes may reflect seasonal influences.)
Over the last 12 months, the CPI-U advanced 1.0 percent. (See chart 1 and table A.) The index for all items less food and energy increased 2.4 percent over the year. Food prices rose 3.5 percent. Energy prices fell 16.7 percent. (See table 1.)
Food prices advanced 0.1 percent for the two months ending in July. (See table 1.) Prices for food at home (groceries) increased 0.1 percent, and prices for food away from home (restaurant, cafeteria, and vending purchases) rose 0.1 percent for the same period.
Over the year, food prices advanced 3.5 percent. Prices for food at home advanced 1.2 percent since a year ago. Five of the six major grocery store food group indexes were higher over the year. The index for other food at home (includes sugar, sweets, fats, and oils, for example) was up 2.4 percent, the index for cereals and bakery products was up 4.5 percent, and the index for dairy and related products was down 8.3 percent. Prices for food away from home rose 7.4 percent.Energy
The energy index advanced 2.1 percent for the two months ending in July. The increase was mainly due to higher prices for electricity (+6.1 percent). Prices for utility (piped) gas service rose 1.3 percent, and prices for gasoline were unchanged for the same period.
Energy prices fell 16.7 percent over the year, largely due to lower prices for gasoline (-22.4 percent) and utility (piped) gas service (-29.2 percent). Prices paid for electricity increased 1.1 percent.All items less food and energy
The index for all items less food and energy rose 0.4 percent in the latest two-month period. Higher prices for shelter (+0.8 percent), new and used motor vehicles (+1.3 percent), and motor vehicle maintenance and repair were only partially offset by lower prices for public transportation and apparel (-2.5 percent).
Over the year, the index for all items less food and energy advanced 2.4 percent. Shelter costs increased 4.0 percent and were the major contributing factor. Costs for public transportation were down over the year as were prices for used cars and trucks (-5.8 percent).
The September 2023 Consumer Price Index for the Minneapolis-St. Paul-Bloomington area is scheduled to be released on October 12, 2023.
The Consumer Price Index for Minneapolis is published bi-monthly. The Consumer Price Index (CPI) is a measure of the average change in prices over time in a fixed market basket of goods and services. The Bureau of Labor Statistics publishes CPIs for two population groups: (1) a CPI for All Urban Consumers (CPI-U) which covers approximately 93 percent of the total population and (2) a CPI for Urban Wage Earners and Clerical Workers (CPI-W) which covers 29 percent of the total population. The CPI-U includes, in addition to wage earners and clerical workers, groups such as professional, managerial, and technical workers, the self-employed, short-term workers, the unemployed, and retirees and others not in the labor force.
The CPI is based on prices of food, clothing, shelter, and fuels, transportation fares, charges for doctors' and dentists' services, drugs, and the other goods and services that people buy for day-to-day living. Each month, prices are collected in 87 urban areas across the country from about 4,000 housing units and approximately 26,000 retail establishments--department stores, supermarkets, hospitals, filling stations, and other types of stores and service establishments. All taxes directly associated with the purchase and use of items are included in the index.
The index measures price changes from a designated reference date (1982-84) that equals 100.0. An increase of 16.5 percent, for example, is shown as 116.5. This change can also be expressed in dollars as follows: the price of a base period "market basket" of goods and services in the CPI has risen from $10 in 1982-84 to $11.65. For further details see the CPI home page on the Internet at www.bls.gov/cpi and the BLS Handbook of Methods, Chapter 17, The Consumer Price Index, available on the Internet at www.bls.gov/opub/hom/homch17_a.htm.
In calculating the index, price changes for the various items in each location are averaged together with weights that represent their importance in the spending of the appropriate population group. Local data are then combined to obtain a U.S. city average. Because the sample size of a local area is smaller, the local area index is subject to substantially more sampling and other measurement error than the national index. In addition, local indexes are not adjusted for seasonal influences. As a result, local area indexes show greater volatility than the national index, although their long-term trends are quite similar. Note: Area indexes do not measure differences in the level of prices between cities; they only measure the average change in prices for each area since the base period.
The Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.
Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
|Item and Group||Indexes||Percent change from-|
All items (1967=100)
Food and beverages
Food at home
Cereals and bakery products
Meats, poultry, fish and eggs
Dairy and related products
Fruits and vegetables
Nonalcoholic beverages and beverage materials(1)
Other food at home
Food away from home
Rent of primary residence(2)
Fuels and utilities
Utility (piped) gas service(2)
Household furnishings and operations
New and used motor vehicles(4)
Used cars and trucks(1)
Gasoline (all types)
Gasoline, unleaded regular(5)
Gasoline, unleaded premium(5)
Education and communication(4)
Tuition, other school fees, and childcare(1)
Other goods and services
Commodity and service group
Commodities less food and beverages
Nondurables less food and beverages
Special aggregate indexes
All items less medical care
All items less shelter
Commodities less food
Nondurables less food
Services less rent of shelter(3)
Services less medical care services
All items less energy
All items less food and energy
- Data not available.
Last Modified Date: Thursday, August 10, 2023